Emphasizes the untenable conflict of interest between the outside manager, AR Global and the company

Calls for the termination of RTL’s management contract with AR Global, the establishment of a dedicated independent corporate governance evaluation committee and other corporate governance initiatives

NEW YORK, Oct. 25, 2022 (GLOBE NEWSWIRE) — Blackwells Capital LLC (collectively with its affiliates, “Blackwells”), an owner of 100 common shares and equivalents of Necessity Retail REIT Inc. (NYSE: RTL) (“Necessity Retail REIT, “RTL” or the “Company”) announced today that it has nominated and plans to nominate two exceptional candidates for election to the Board of Directors of RTL at the upcoming 2023 Annual General Meeting (the “2023 Annual General Meeting”) (the “2023 Annual General Meeting”) Pursue a range of corporate governance initiatives.

In addition, Blackwells announced its intention to nominate two additional independent directors for the 2024 annual general meeting (the “2024 Annual General Meeting”).

Jason Aintabi, Blackwells Chief Investment Officer, said: “RTL is beset by the same issues as Global Net Lease, Inc.: a value-dilapidating management arrangement designed to enrich an outside manager at the expense of shareholders, and a total disregard for governance -Standards that would otherwise protect shareholders. While pathetic, it’s unsurprising that RTL trades at a 68.5% discount to its NAV – the worst of its nineteen corporate triple-net peer sets – weighed down by what we think can only be considered corporate piracy of the highest order.”

Mr. Aintabi continued: “We believe that AR Global is not there to manage the affairs of the public shareholders and certainly not the affairs of the owners of RTL. Our campaigns for change at Global Net Lease, Inc. and Necessity Retail revolve around a common theme: that we believe AR Global has siphoned money to line their pockets, always at the expense of suffering shareholders. Thankfully, change is coming.”

…